§13-2-9. Funding of orders, drafts or warrants by county courts
and boards of education at rate lower than six
percent.
County courts and boards of education may, upon the
application of the owner or holder or holders, by an order
entered of record, fund any indebtedness represented by orders,
drafts, or warrants by taking up one or more of such orders,
drafts, or warrants issued on the same fund, and issue in lieu
thereof new orders, drafts or warrants to the person or persons
entitled to receive the sums of money due upon said orders,
drafts, or warrants, and in which orders there shall be set out
in detail the number of each order, draft, or warrant, the date
thereof, to whom issued, the fund or funds on which drawn, the
name on the present holder thereof, or the person or persons
entitled to receive the sum due thereon, if interest-bearing the
date from which interest began, the credits, if any endorsed
thereon, and the date thereof, and such other information so as
to completely identify the orders, drafts or warrants for which
new orders, drafts or warrants are issued: Provided, however,
That no power or authority herein given or contained shall be
construed to make legal and binding any order, draft or warrant
not legal and/or binding when originally ordered and/or issued by
any county court or board of education. The court and/or boards
shall when the orders, drafts or warrants are interest-bearing,
in issuing such new orders, drafts or warrants, issue them on the same fund upon which the original order, draft or warrant was
issued and for the aggregate amount of unpaid principal and
interest to that date, and cancel all such orders, drafts or
warrants funded and file the same with the clerk of the county
court of their county for preservation. All such new orders,
drafts or warrants shall not become interest-bearing until the
same shall have been presented to the sheriff for payment and
endorsed as provided by law, and when so presented shall draw
interest at five and one-half percent per annum.